Used as a key intermediate in the synthesis of indole-based pharmaceuticals, particularly in the development of serotonin receptor modulators and anticancer agents. Its structure allows for selective functionalization at multiple positions, making it valuable in medicinal chemistry for constructing complex heterocyclic systems. Commonly employed in cross-coupling reactions such as Suzuki or Heck reactions to introduce aryl or vinyl groups, enabling the creation of diverse indole derivatives with potential biological activity. Also utilized in radiolabeling studies due to the presence of iodine, facilitating imaging and tracer applications in research.